Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Cash flows from operating activities:          
Net income $ 9,674 $ 21,488 $ 23,143 $ 33,440  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization 33,132 33,713 98,425 94,949  
Deferred income taxes     (3,660) (4,028)  
Loss on disposal of assets and impairment charges     5,137 5,543  
Foreign currency loss     41 130  
Gain from issuance of shares as payment of deferred consideration related to business acquisition (see Note 4)     (2,681) 0  
Gain from settlement related to business acquisition (see Note 4)     (6,356) 0  
Amortization of deferred financing costs and debt discount     2,000 1,857  
Amortization of deferred income     (10,126) (6,302)  
Accretion of asset retirement obligation     1,871 1,690  
Non-cash rent     10,805 10,418  
Charges to allowance for credit losses     733 1,021  
(Income) loss from equity investment (29) 14 (79) 77  
Share-based compensation     8,262 13,238  
Fair value adjustment of financial assets and liabilities     (10,763) (11,627)  
Other operating activities, net     752 2,279  
Changes in assets and liabilities:          
Decrease (increase) in trade receivables     16,112 (62,487)  
Decrease (increase) in inventory     17,427 (17,386)  
Decrease (increase) in other assets     13,909 (28,429)  
(Decrease) increase in accounts payable     (6,137) 29,667  
Increase in other current liabilities     17,844 8,992  
(Decrease) increase in asset retirement obligation     (283) 46  
Increase in non-current liabilities     22,754 5,719  
Net cash provided by operating activities     199,130 78,807  
Cash flows from investing activities:          
Purchase of property and equipment     (77,781) (75,603)  
Purchase of intangible assets     0 (45)  
Proceeds from sale of property and equipment     51,353 307,106  
Business acquisitions, net of cash     (54,549) (494,904)  
Loans to equity investment, net     42 0  
Net cash used in investing activities     (80,935) (263,446)  
Cash flows from financing activities:          
Receipt of long-term debt, net     47,556 78,833  
Repayment of debt     (20,563) (16,517)  
Principal payments on financing leases     (3,580) (4,237)  
Early settlement of deferred consideration related to business acquisition     (17,155) 0  
Proceeds from sale-leaseback     0 80,397  
Payment of Ares Put Option     0 (9,808)  
Common stock repurchased     (31,989) (25,199)  
Dividends paid on common stock     (10,542) (10,775)  
Dividends paid on redeemable preferred stock     (4,305) (4,301)  
Net cash (used in ) provided by financing activities     (40,578) 88,393  
Net increase (decrease) in cash and cash equivalents and restricted cash     77,617 (96,246)  
Effect of exchange rate on cash and cash equivalents and restricted cash     (27) (83)  
Cash and cash equivalents and restricted cash, beginning of period     241,421 316,769 $ 316,769
Cash and cash equivalents and restricted cash, end of period 319,011 220,440 319,011 220,440 241,421
Reconciliation of cash and cash equivalents and restricted cash          
Cash and cash equivalents, beginning of period     218,120 298,529 298,529
Restricted cash, beginning of period     23,301 18,240 18,240
Cash and cash equivalents, end of period 291,697 204,237 291,697 204,237 218,120
Restricted cash, end of period 27,314 16,203 27,314 16,203 23,301
Cash and cash equivalents and restricted cash, end of period $ 319,011 $ 220,440 319,011 220,440 $ 241,421
Supplementary cash flow information:          
Cash received for interest     6,546 6,209  
Cash paid for interest     63,548 54,354  
Cash received for taxes     501 831  
Cash paid for taxes     3,233 28,576  
Supplementary noncash activities:          
Prepaid insurance premiums financed through notes payable     7,167 10,040  
Purchases of equipment in accounts payable and accrued expenses     11,780 17,718  
Purchase of property and equipment under leases     52,399 5,229  
Disposals of leases of property and equipment     13,846 4,149  
Issuance of shares as payment of deferred consideration related to business acquisition     22,319 0  
Deferred consideration related to business acquisition     $ 0 $ 47,059